PHIE: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
PHIE
Largest movements
- Stocks and contracts +€13,708
up €13,708 (+12.4%), from €110,112 to €123,821
- Cash -€9,074
down €9,074 (-25.8%), from €35,211 to €26,137
mainly Net result for the year (-€23,428) and Stocks and contracts (-€13,708)
- Tangible fixed assets -€5,744
down €5,744 (-19.9%), from €28,857 to €23,113
of which Other tangible fixed assets: -€5,202
- Receivables within one year +€3,101
up €3,101 (+1031.2%), from €301 to €3,401
of which Trade receivables: +€2,939
- Profit (loss) carried forward -€23,428
down €23,428 (-164.9%), from -€14,206 to -€37,635
- Other debts +€23,364
up €23,364 (+152.9%), from €15,284 to €38,648
- Trade debts +€2,542
up €2,542 (+419.0%), from €607 to €3,149
- Gross operating margin -€791
down €791 (-4.8%), from -€16,610 to -€17,401
- Financial charges -€190
down €190 (-28.0%), from €679 to €489
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €179,435 | €181,206 | +€1,771 | +1.0% |
| Formation expenses | 20 | €203 | €3 | -€201 | -98.7% |
| Fixed assets | 21/28 | €28,857 | €23,113 | -€5,744 | -19.9% |
| Tangible fixed assets | 22/27 | €28,857 | €23,113 | -€5,744 | -19.9% |
| Furniture and vehicles | 24 | €2,089 | €1,546 | -€542 | -26.0% |
| Other tangible fixed assets | 26 | €26,769 | €21,567 | -€5,202 | -19.4% |
| Current assets | 29/58 | €150,374 | €158,090 | +€7,716 | +5.1% |
| Stocks and contracts in progress | 3 | €110,112 | €123,821 | +€13,708 | +12.4% |
| Stocks | 30/36 | €110,112 | €123,821 | +€13,708 | +12.4% |
| Amounts receivable within one year | 40/41 | €301 | €3,401 | +€3,101 | +1031.2% |
| Trade receivables | 40 | - | €2,939 | +€2,939 | |
| Other amounts receivable | 41 | €301 | €463 | +€162 | +53.8% |
| Cash at bank and in hand | 54/58 | €35,211 | €26,137 | -€9,074 | -25.8% |
| Deferred charges and accrued income | 490/1 | €4,750 | €4,731 | -€19 | -0.4% |
| Total equity and liabilities | 10/49 | €179,435 | €181,206 | +€1,771 | +1.0% |
| Equity | 10/15 | €45,794 | €22,365 | -€23,428 | -51.2% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,206 | -€37,635 | -€23,428 | -164.9% |
| Amounts payable | 17/49 | €133,641 | €158,840 | +€25,199 | +18.9% |
| Amounts payable after more than one year | 17 | €114,274 | €114,274 | = | 0.0% |
| Financial debts | 170/4 | €114,274 | €114,274 | = | 0.0% |
| Amounts payable within one year | 42/48 | €19,367 | €44,555 | +€25,187 | +130.0% |
| Trade debts | 44 | €607 | €3,149 | +€2,542 | +419.0% |
| Suppliers | 440/4 | €607 | €3,149 | +€2,542 | +419.0% |
| Advances received on contracts in progress | 46 | €294 | €232 | -€61 | -20.9% |
| Taxes, remuneration and social security | 45 | €3,183 | €2,526 | -€658 | -20.7% |
| Taxes | 450/3 | €3,183 | €2,526 | -€658 | -20.7% |
| Other amounts payable | 47/48 | €15,284 | €38,648 | +€23,364 | +152.9% |
| Accrued charges and deferred income | 492/3 | €0 | €12 | +€12 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,105 | €7,014 | -€91 | -1.3% |
| Other operating charges | 640/8 | €1,014 | €1,021 | +€7 | +0.7% |
| Gross operating margin | 9900 | -€16,610 | -€17,401 | -€791 | -4.8% |
| Operating profit (loss) | 9901 | -€24,728 | -€25,436 | -€708 | -2.9% |
| Financial income | 75/76B | €2,529 | €2,496 | -€33 | -1.3% |
| Recurring financial income | 75 | €2,529 | €2,496 | -€33 | -1.3% |
| Financial charges | 65/66B | €679 | €489 | -€190 | -28.0% |
| Recurring financial charges | 65 | €679 | €489 | -€190 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | -€22,877 | -€23,428 | -€551 | -2.4% |
| Profit (loss) for the period | 9904 | -€22,877 | -€23,428 | -€551 | -2.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,877 | -€23,428 | -€551 | -2.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.